An  Appellant filed lawsuit No. 374/2023 against the Respondent, requesting a ruling to oblige them to pay an amount of AED 4,683,140.63 and late interest at a rate of 12% from the date of filing the lawsuit until full payment. The Appellant based their claim on the fact that on 22/07/2008, they obtained bank facilities in the form of a housing loan to finance their acquisition of the apartment in question for an amount of AED 1,284,000. They failed to meet the payment terms and the amounts claimed were recorded in their debt, which prompted them to file this lawsuit.

Proceedings

Court of First Instance.

The Court of First Instance appointed an expert in the case, and after they submitted their report, it ruled to oblige the Respondent to pay the Appellant an amount of AED 2,422,832.16 and interest at a rate of 6% on an amount of AED 794,446.81 from 13/04/2023 until full payment, not to exceed the aforementioned amount. The Appellant appealed this ruling under Appeal No. 2358/2023.